California Property Taxes are such a unique animal to the world of property tax and we have Prop 13 to pass for this - legislation that was passed back in the 1970's.

Under the law, the MOST the assessed value can increase is 2% per year, based on inflation...but guess what, the same legislation also allows for decreases, based on deflation.

If you have real estate in the Hemet - San Jacinto CA Valley you should take a look at this post and let me know what you think...

Via Adam Brett - Fullerton, California Realtor (RE/MAX NOC):

Due to deflation it is expected that most Californians will see their property tax fall next year.  

taxThis would mark the first property tax cut since Prop. 13 was implemented 30 years ago.

 

The reduction will more than likely cut revenue for cities, counties and schools by hundreds of millions of dollars – even though the expected reduction for homeowners would be small.  A reduction of just $7 for a home assessed at $250,000. The cuts would affect tax payments due in December 2010 and April 2011.

In the past 31 years State officials have set the inflation rate at less than 2% just five times.  Preliminary estimates released Monday state that California will have a negative inflation fact, or deflation, of 0.237% this year.

Taxes may still rise for property owners who recently purchased homes or buildings that had their taxes reduced due to falling values. 

 

 

Until Next Time, Have a Blessed Day,

John Occhi, ePRO, REALTOR®
DRE Lic No: 01444168


ePro,John Occhi,www.johnocchi.com,realtor      Certified Probate Real Estate Specialist Logo Awarded to John OcchiFive Star Logo,Certification,REO,Five Star Institute     

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This blog and the contents written here is the intellectual property of John Occhi, Temecula - Murrieta, CA REALTOR® in the South West Riverside County region of the Inland Empire of Southern California.  The views and opinions expressed are just that - views and opinions of John Occhi and those who comment.  Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance. 


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2 Comments on CA Property Taxes May Fall Next Year

JAN
03
2010
561,252 Points 3 Featured Posts Outside Blog Called Shot Master

John, I spoke to a County appraiser and she said the Assessor had plans to lower assessed values (again) for next year. I'm not so sure it due to a continuing slide in prices as much as they are still getting up to speed with market results and the timeline they work with.

Steve
4:08pm • #1
JAN
06
2010
1,652,793 Points 134 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi John,

I have clients in California that have property in Oklahoma that we have listngs onOR I am in th eprocess of finding property for them.... they are always talking about what it's like in that area, San Francisco, Los Angelos, Bakersfield, in fact for some reason I have several clients in Bakersfield... it sounds like values have dropped drastically there and taxes may need to be reduced.
7:22pm • #2


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John Occhi, ePRO, Temecula - Murrieta CA Real Estate, 951-443-6259

Murrieta, CA

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